The Uses Of Dread Disease Insurance In Our Lives
Dread disease insurance came into light in the October of 1983 when it was founded by Dr
. Marius Barnard. He produced the primary critical illness product in South Africa and from then on the insurance cover has been greatly popularized all over the globe.The entire set-up of the insurance cover revolves around the fact that the policyholder receives large amount of money if it is detected that he/she suffers from a grave disease which is listed in the insurance policy. Dread disease insurance is under several names such as serious illness insurance, crisis cash, living assurance, critical illness insurance and critical insurance cover.
However, the policy has certain rules amongst which the major one is that the insurer would necessarily have to be alive for a certain period of time which is also known as the survival period after the illness is confirmed in the person. The survival period depends on the company's policy and actually varies in every company; however, most of the survival periods followed in every company is between 28 to 30 days.
There are certain specifications in the policy where it clearly mentions the rules and about the detection of the illness in the insurer wherein it is generally assumed that the detection should be from a physician or a specialist and should be further confirmed with specific examinations and tests of the illness concerned which mainly involves the EKG variations observed during myocardial infarctions wherein the tests further confirm the detection made by the doctor.
In the recent times, it has been greatly observed that the insurance companies like to keep similar policy specifics which is a huge relief to the policy holders since they can easily learn about the various policies offered by the various insurance companies and at the same time it makes it easy for them to register into one of their choice.
Even though, the basics of the policy of the various insurance policies are somewhat similar yet the ailment list for each company differs. However, when the insurance was first started in 1983, heart attack, coronary artery by-pass, stroke and cancer were the four ailments which were included.
Many acute illnesses are being included in the insurance policies which are mainly due to the rapid spread of diseases in the current world. Out of the several insurance covers, PruProtect has become an all-inclusive insurance package which covers up to 154 illnesses of which HIV/AIDS, blindness, deafness, Parkinson's disease, Alzheimer's disease, etc. are some of them. The major aspect of having an insurance cover is that it acts like a security in times of dire situations wherein if the policyholder is suffering from any acute illnesses then the insurance amount will help them to pay for their treatments, debts and also provide recuperation aids.
Dread disease insurance has really become one of the must-have products in today's life wherein the advent of terminal illnesses has left each of us flabbergasted and insurance covers gives us a kind of security to battle the miseries.
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